FAQs

How does the equalization factor affect the assessment on a taxpayer's property?: After receiving final equalization factors from the Department of Revenue, County clerks must multiply the locally-assessed value of each non-farm parcel in their counties, other than coal rights, by those factors. Unless a factor is 1.0000, this multiplication will either increase or decrease the locally-assessed value of each parcel. The result is the equalized assessed value for a parcel for tax billing purposes. Farms and coal rights are not affected by the factor, as their assessed valuation is defined by law as an equalized assessed value.

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Chief County Assessment Office - Equalization

1. What is equalization?: Equalization is the application of a uniform percentage increase or decrease to assessed values of various areas or classes of property in order to bring assessment levels, on average, to the same percentage of market value.

Equalization of assessed values is important (and performed) at each level of government - township, county and state.

2. Who has authority to equalize?: Chief County Assessment Officers, County Boards of Review and the State possess certain powers to equalize assessments. Chief County Assessment Officers determine the level of assessments for non-farm property by conducting annual assessment/sales ratio studies. These studies may be done for geographic areas within a county (generally township or multi-township assessment jurisdictions) or by class of property. Then, the Chief County Assessment Officers and/or Boards of Review may use equalization to raise or lower the assessments in an effort to achieve greater uniformity and equity within the county. The Chief County Assessment Officer in Lake County has intra-county equalization authority.

3. How much variation in assessments exists among the counties?: In Lake County, the level of assessment is generally very close to 33.33%. Counties that do not achieve the statutory level will receive a State-issued factor other than 1.0000 to bring assessments, on average, to 33 1/3 % of market value. In recent years, Lake County has had a factor other than one due to the high volume of appeals, coupled with valuation change requests submitted by local assessing officials.

4. How does the equalization factor affect the assessment on a taxpayer's property?: After receiving final equalization factors from the Department of Revenue, County clerks must multiply the locally-assessed value of each non-farm parcel in their counties, other than coal rights, by those factors. Unless a factor is 1.0000, this multiplication will either increase or decrease the locally-assessed value of each parcel. The result is the equalized assessed value for a parcel for tax billing purposes. Farms and coal rights are not affected by the factor, as their assessed valuation is defined by law as an equalized assessed value.